The Bank of Montreal has launched a financial relief program for potato farmers affected by P.E.I.’s adverse weather during the 2018 harvest.
The program includes principal payment deferral for payments scheduled from Dec. 18 to the end of next year and reducing or waiving fees for applications under the program.
BMO may also reduce or waive annual review fees for applications.
Unfavourable growing conditions for the 2018 crop, coupled with record high rainfall during the harvest period have negatively affected producers, said Derek Briggs, vice-president of business banking with BMO.
“The agriculture industry is one of the backbones of the Canadian economy,” Briggs said. “We always stand by our customers and hope this program will help alleviate some of the challenges they have been facing.”
For further information, customers are encouraged to visit a local BMO branch, or visit bmo.com/agriculture.